The plastic for electric vehicle market in South America is expected to grow from US$ 38. 25 million in 2019 to US$ 152. 83 million by 2027; it is estimated to grow at a CAGR of 19. 1% from 2020 to 2027.
New York, Jan. 12, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "South America Plastic For Electric Vehicle Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Plastic Type ; Component ; Vehicle Type ; Application" - https://www.reportlinker.com/p06004234/?utm_source=GNW
The adoption of lightweight materials in an urge to decrease vehicle weight will boost the demand of plastic for electric vehicle in the market.Plastic is known to possess several attributes such as minimal carbon emission along with reduction in the dependency on petroleum, which has significantly driven its demand in production of electric vehicle.
Electric vehicle parts such as fans, casings, energy recovery devices, pumps, and other non-moving parts are produced using plastics so as to reduce the overall weight of the vehicle without compromising on the performance aspects of the vehicle.This has propelled the growth of the electric vehicle plastics market in South America.
For instance, the weight of the vehicle is reduced up to 40%, when plastics are used in place of other metals.Also, the use of high performance polymers and elastomers assist in effective integration of components and functions.
The growing focus toward reduction of carbon emissions or dependence on petroleum is also promoting the demand for plastic in electric vehicles. Further, the performance competency over metals has made plastic one of the preferred material to be used in automotive manufacturing, especially in E-vehicles. For instance, the use of plastic fuel tank3 in E-REV is considered an effective alternative to conventional tanks used in internal combustion engine vehicles. The weight of such type of plastic tank is comparatively lesser than the traditional metal tank used in ICE-based vehicles. The rising demand of electric vehicles is among the other factors expected to positively influence the demand for plastic for electric vehicle market.
The polypropylene segment led the plastic for electric vehicle market based on plastic type in 2019.Polypropylene (PP) refers to a thermoplastic addition polymer that is produced by combining propylene monomers.
It is a rigid and crystalline polymer, which is widely used in the manufacture of everyday objects such as packaging trays, household types, and medical devices.Copolymerization of polypropylene changes the material properties and allows robust engineering applications.
Chemical resistance, fatigue resistance, high electric resistance, elasticity and toughness, and transmissivity are some of the beneficial attributes associated with polypropylene.One of the best advantages of polypropylene is that it can be manufactured into a living hinge, which are extremely thin plastic pieces that can bend easily without breaking.
Polypropylene is used in electric vehicles for interior applications such as seats, bumper, car body, head, and the arm rest. Attributes such as light weight, improved strengths, and flexibility makes polypropylene highly suitable for electric vehicles. Thus all these factors will positively impact is growth in the market.
Brazil has the highest number of COVID-19 cases, followed by Argentina, Peru, Chile, and Ecuador, among others.The government of South America has taken an array of actions to protect their citizens and contain the spread of COVID-19.
It is anticipated that South America will face lower export revenues, both from the drop in commodity prices and reduction in export volumes, especially to China, Europe, and the US, which are important trade partners. Containment measures in several countries of South America will reduce economic activity in the manufacturing and service sectors for at least the next quarter, with a rebound once the epidemic is contained.
The overall South America plastic for electric vehicle market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the South America plastic for electric vehicle market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the South America plastic for electric vehicle market. BASF SE; Solvay SA; DuPont de Nemours, Inc.; The Dow Chemical Company; LG Chem Ltd.; Lanxess AG; Sabic; Covestro AG; Asahi Kasei Corporation; and Lyondellbasell Industries Holdings B.V. are among the well- established companies in the South America plastics for electric vehicle market.
Read the full report: https://www.reportlinker.com/p06004234/?utm_source=GNW
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